Arthur Hayes: The automatic liquidation of cross-margin position-linked collateral by large CEXs is the cause of this round of altcoin plunge

BitMEX co-founder Arthur Hayes attributed the recent price decline to the automated liquidation of collateralized cross-margin positions on large centralized exchanges (CEXs). He stated that "liquidation works well when limit orders are blocked," and warned that many high-quality altcoins will struggle to return to their previous lows in the near term.